About Elucid
Elucid makes software that analyzes a coronary CT angiogram, a CT scan of the heart's arteries. Its Plaque-IQ product measures how much plaque sits in the heart and neck arteries and what type it is. It also identifies fatty plaque, the type that is more likely to rupture. Its FFR-IQ product estimates how much a narrowing limits blood flow to the heart, without the pressure wire used in a catheter test. Cardiologists and radiologists use the results to decide which patients need more tests or treatment.
Elucid Bioimaging Inc., known as Elucid, is based in Boston. Kelly Huang has been chief executive officer since July 2024, and Scott Huennekens is chairman of the board. The FDA has cleared Plaque-IQ, and it cleared FFR-IQ in October 2026. A billing code for coronary plaque analysis took effect on January 1, 2026. More than 70 percent of covered Americans now have insurance that pays for it. In 2023, Elucid's plaque software was available in the U.S., the U.K., the European Union and South Korea.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Oct 10, 2025 | Oct 22, 2025amended Oct 27, 2026 | $56,235,000of $79.9M target | 20 | $2.8M | EquityRule 506(b) | Form D/A ↗1 earlier filing |
| Oct 20, 2023 | Nov 22, 2023 | $78,950,836fully sold | 13 | $6.0M | EquityRule 506(b) | Form D ↗ |
| Not yet | Sep 10, 2013 | $375,000of $1.5M target | 1 | $375K | Equity05, 46 | Form D ↗ |
| Total, three offerings | $135,560,836 | |||||
The filing for the offering first filed Sep 10, 2013 reports amount sold but first sale marked as not yet made. Figures are shown as filed.
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Elucid
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Sep 2, 2026 | Series D | $55M | IAG Capital Partners, Elevage Medical Technologies, and a large medtech company that was not named | elucid.com ↗ citybiz ↗ |
| Nov 9, 2023 | Series C | $80M | Elevage Medical Technologies (lead), industry strategics and existing investors, not named | elucid.com ↗ Press release ↗ |
Why Investors Backed Elucid
Investors put money into Elucid for a clear reason: heart attack risk is hard to judge, and Elucid's software measures plaque on scans that hospitals already take. Elucid's case is that plaque type, not just plaque amount, drives that risk, and that standard screening misses many patients. The FDA has cleared its two main products, and Medicare and large insurers now pay for plaque analysis. Elevage Medical Technologies, which led the Series C round, said it sees "an important market need for AI-powered cardiovascular software."
The problem it targets
Heart attacks and strokes trace back to plaque, a buildup of fat and other material in the artery wall. Elucid's case is that the strongest predictor of a heart attack is plaque itself, especially types that are more likely to rupture. Standard guidelines start with risk factors such as age, diet and lifestyle instead. A December 2025 study in JACC: Advances, led by Mount Sinai researchers, found that patients rated low risk still account for nearly half of all heart attacks.
What the product does
Plaque-IQ reads an ordinary coronary or carotid CT angiogram. It measures narrowing, total plaque and plaque type, including fatty plaque with a necrotic core. Elucid's case is that it is the only FDA-cleared CT plaque platform validated against tissue samples. FFR-IQ estimates how much each narrowing limits blood flow, and it builds the plaque findings into that estimate. The FDA cleared FFR-IQ in October 2026. In the company's ELUCIDATE study, the software showed 92.2 percent sensitivity and 93.1 percent specificity. Elucid's case is that this is the highest of any FFR-CT validation study.
Progress so far
Payment is the clearest sign. A new billing code for coronary plaque analysis, CPT 75577, took effect on January 1, 2026. The national average payment is $1,012 in imaging centers and physician offices and $951 in hospital outpatient settings. Aetna, Humana, Cigna and UnitedHealthcare now cover plaque analysis. In July 2026, Elucid enrolled the first patients in AI-PREDICT, an international study of about 1,000 people planned for more than 20 sites.
Who backs it
Elevage Medical Technologies, a platform created by Patient Square Capital, led the $80 million Series C round announced on November 9, 2023. The same announcement added Evan Melrose, then Elevage's CEO, and Huang, then an Elevage senior advisor, to Elucid's board. The $55 million Series D, announced on September 2, 2026, includes IAG Capital Partners and Elevage. It also includes a large medtech company that Elucid did not name. That company is Elucid's fourth publicly traded strategic investor, and Elucid has raised about $185 million in total.
How the market is moving
Insurers are moving toward paying for plaque analysis. The coverage decisions by Humana, Cigna, UnitedHealthcare and Aetna, the last in January 2026, all follow guidelines that the radiology benefit manager Evicore issued in July 2025. According to Cardiac Wire, Heartflow and Cleerly are the two dominant vendors of CT heart analysis software in the U.S., and Elucid is emerging as a third. Cardiac Wire also reports that Heartflow sued Cleerly over patents in April 2026 and has now sued Elucid.
We wrote this summary from public statements by Elucid and its investors. It is not investment advice.
Elucid in the News
Leadership Team
Executive officers and directors listed on Elucid's Form D filed Oct 27, 2026.
Earlier filings also listed Robert Braun (director, last listed Nov 2023) and Andrew Buckler (president, last listed Sep 2013).
Sources
- SECElucid Bioimaging Inc. Form D, filed Oct 22, 2025
- SECElucid Bioimaging Inc. filing history
- Company siteAbout page and leadership, elucid.com
- PressFFR-IQ FDA clearance release (October 21, 2026)
- PressStatement on the Heartflow lawsuit (October 23, 2026)
- PressReimbursement and coverage release (January 9, 2026)
- PressAI-PREDICT study release (July 9, 2026)
- PressChief revenue officer release (September 29, 2026)
- PressKelly Huang named CEO (July 22, 2024)
- PressScott Huennekens named executive chairman (April 25, 2023)